Is A Crypto Stock Market On The Cards?

Digital assets, blockchain technology and cryptocurrencies have all be gaining a lot of attention recently in Indonesia, so much so that CoinGape among others, are suggesting that there will be a crypto stock exchange by the end of the year, something that Jerry Sambuaga, Indonesia’s Deputy Trade Minister has reaffirmed, according to CoinGape.

The minister has reportedly said that introducing a crypto stock exchange involves preparations, validations of entities and minimum capital requirements. Indonesia, Southeast Asia’s largest digital E-Conomy, has been contemplating having a cryptocurrency exchange for a while now. The launch was expected in 2021, however, due to some complexities in the process, it was postponed to the first quarter of 2022.

Indonesia has around 25-licensed crypto trading firms including the troubled crypto exchange Zipmex under Bappebti, which is Indonesia’s Commodity Futures Trading Regulatory Agency.

As per Bappebti data, crypto transactions in Indonesia have experienced a growth of almost 1000-percent from IDR 64.9-trillion in 2020 to IDR 859.4-trillion in 2021. Nearly 4-percent of the country’s population has been trading in cryptocurrency. Besides, in the last few years, the country has witnessed an accelerating tide of celebrity coins as well as nonfungible token (NFT) projects.

Recently, Indonesia’s homegrown tech giant, GoTo Gojek Tokopedia (GoTo) stepped into the cryptocurrency market with the acquisition of local crypto exchange Kripto Maksima Koin. It is believed that the company has made this acquisition worth USD 8.38-million to diversify its business.

GoTo was created out of a merger between the e-commerce platform Tokopedia and ride-hailing app Gojek in 2021. In April, the company raised over USD 1-billion in an initial public offering (IPO) and claims to contribute more than 2-percent to Indonesia’s GDP.

 

Source: CoinGape

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Andrzej Barski

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Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

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Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

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Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

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